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(Querist)
10 March 2009 what is the basic difference between a demand draft and payorder.

can we stop payment of demand draft like cheque.

pls clarify

thanks and regards.
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
10 March 2009 Demand draft is issued for plances other than the city where the bank branches are located.

Pay order is issed if the payee is in the same city.

Yes you can give stop payment of draft like cheque but the bankers will say they will try their best to stop the payment of demand draft.

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